I'm in the process of changing my current residential mortgage to a Buy to Let Virgin Money mortgage. I have been informed by my broker that I need a solicitor as part of the process. I had a chat my past Balham conveyancing practitioner who dealt with the legals when I first bought the property. The quote e-mailed to me of £470 has taken me by surprise as its a remortgage than a sale or purchase.
The estimate does seem a little on the high side. If you are happy to invest time contrasting costs you may be able to reduce the fees slightly by perhaps £125. That being said, if you were pleased with the legal work the firm offered you maylive to rue choosing an a cheaper lawyer. Remember to ensure that the conveyancer can act for Virgin Money. You can employ our search tool to find a Balham conveyancing firm on the Virgin Money member panel, which can often include conveyancing solicitors in Balham.
What is the first thing I need to know about purchase conveyancing in Balham?
You may not hear this from too many lawyers but conveyancing in Balham or throughout England and Wales is an adversarial experience. Put another way, when it comes to conveyancing there is lots of opportunity for friction between you and other parties involved in the ownership transfer. E.g., the seller, estate agent and on occasion the mortgage company. Selecting a solicitor for your conveyancing in Balham is a critical decision as your conveyancer is your adviser, and is the SOLE party in the process whose role it is to look after your best interests and to keep you safe.
We are witnessing a definite increase of a "blame" culture- someone must be blamed for the process taking so long. We recommend that you should always trust your conveyancer ahead of all other players in the home moving process.
Are there restrictive covenants that are commonly identified as part of conveyancing in Balham?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Balham. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am looking for a leasehold apartment up to £245,000 and found one near me in Balham I like with open areas and railway links nearby, the downside is that it only has 61 remaining years left on the lease. There is not much else in Balham suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a home loan that many years will likely be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
I'm refinancing my existing house to a buy to let mortgage with Britannia and intend to use the remaining equity towards further house. The neighborhood we are talking about is Balham. Will your lawyers be able to act for the two lenders and tie in the transactions?
Make use of our search tool on this page to ensure that the lawyers are approved by both lenders. Having checked that they are your lawyer will be able to tie up the two deals but you should talk with you lawyer and make clear your desired outcome and requirements.
Me and my partner are buying a four room first floor flatin Balham with a mortgage from a lender. We wish to instruct our solicitor in Balham but our lender inform us now that he's not listed on their "panel". It seems we have little choice but to instruct from the our mortgage company panel solicitors or keep our Balham conveyancer and incur the extra legals for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that our mortgage company use our Balham lawyer?
No, not really. The lender mortgage offered to you is subject to its terms and conditions, one of which will be that solicitors will on the mortgage company's conveyancing panel. Until recently, most lenders had open panels, including many conveyancing solicitors in Balham : a mortgagee could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for your lender.